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Bitcoin Technical Analysis: BTC/USD supported for a big $4000 retest

Bitcoin price on Wednesday is trading in minor positive territory up some 0.50%.
BTC/USD is being supported to the upside by an ascending daily trend line. However, price remains within consolidation mode, following the weekend selling.

Ken Chigbo Independent Analyst

Spot rate: 3815.81

Relative change: +0.56%

High: 3822.74

Low: 3779.71

Trend: Neutral

Trends:

    Daily SMA20: 3690.45
    Daily SMA50: 3624.8
    Daily SMA100: 3810.07
    Daily SMA200: 5153.46
Levels:
    Previous Daily High: 3827.21
    Previous Daily Low: 3766.84
    Previous Weekly High: 3984.92
    Previous Weekly Low: 3556.71
    Previous Monthly High: 4110.71
    Previous Monthly Low: 3341.58
    Daily Fibonacci 38.2%: 3789.9
    Daily Fibonacci 61.8%: 3804.15
    Daily Pivot Point S1: 3767.07
    Daily Pivot Point S2: 3736.77
    Daily Pivot Point S3: 3706.7
    Daily Pivot Point R1: 3827.45
    Daily Pivot Point R2: 3857.52
    Daily Pivot Point R3: 3887.82

BTC/USD 60-minute chart

BTC/USD near-term price action is moving within a potential bearish flag formation via the 60-minute.

BTC/USD daily chart

Price action is being guided to the upside by an ascending trend line, that has been in play since 8th February.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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